Bangalore/Mumbai, Dec 20 (PTI): The much-awaited Indian Premier League players' auction will be held at Bangalore on January 8 and 9 and will see over 400 players going under the hammer, it was learnt today.

"The auction is to be held in Bangalore and a total of 416 playes would go under the auctioner's hammer," IPL sources said.

Under the IPL Player Regulations, each of the founding franchises could retain up to four players (of which only three could be Indian) in advance of the player auction – against fixed deductions from the USD 9 million salary cap.

Only Chennai Super Kings, the 2010 champions, and runners-up Mumbai Indians have retained the full compliment of players.

CSK have retained captain Mahendra Singh Dhoni, Suresh Raina, Murali Vijay and South African all-rounder Albie Morkel.

MI held on to batting legend Sachin Tendulkar, Harbhajan Singh, Sri Lanka's sling-arm pacer Lasith Malinga and West Indian powerhouse Kieron Pollard.

By retaining four players, MI and CSK are each left with only USD 4.5m to spend either in the auction or in buying Ranji players outside the auction.

Delhi Daredevils retained swashbuckling opener Virender Sehwag, Virat Kohli was retained by Royal Challengers Bangalore and Rajasthan Royals decided to keep their two Australian stars Shane Warne and Shane Watson.

Rajasthan Royals will have USD 5.9 mn available to spend while Delhi Daredevils and Royal Challengers Bangalore will each have a balance of USD 7.2mn available. The remaining franchises have the full USD 9mn available to spend.

This is the second time in four years that the T20 franchise-based League's players' auction is being held outside Mumbai where the inaugural one took place in 2008.

Goa was the venue of the second players' auction in February 2009.